Lowest Spreads and Flexible Terms.
The Monetary Policy Council keeps NBP interest rates unchanged
RPP leaves rates unchanged. The market is already looking to July
The Monetary Policy Council kept NBP interest rates unchanged. That was the move economists and market participants had expected. For people repaying loans, it means no change in installments for now, while savers get no immediate improvement in deposit rates.
After the decision on 2 June 2026, the reference rate stands at 3,75% per year. The other rates are: the lombard rate at 4,25%, the deposit rate at 3,25%, the rediscount rate for bills of exchange at 3,80% and the discount rate for bills of exchange at 3,85%.
The June decision fits the “wait and see” approach. In practice, it means the central bank wants to first see how the economy reacts to earlier cuts. Over the previous 12 months, the cost of money fell by a total of 200 pb., or 2 percentage points.
For borrowers, that is still good news, because lower rates usually ease financing costs. On the other hand, savers have to reckon with lower yields on deposits and bonds. It is worth remembering that at the current level of rates, real interest rates remain positive, because the NBP reference rate is above CPI (Consumer Price Index) inflation over the past 12 months.
Wednesday’s press conference by NBP President Adam Glapiński may shed more light on the Council’s stance. The next RPP meeting is scheduled for 7-8 July.
In its statement, the central bank pointed to inflation risks linked, among other things, to commodity prices, fiscal policy, fuel price regulations and wage growth. The Council also highlighted uncertainty stemming from the geopolitical situation and its possible impact on the economy.
NBP noted that several indicators in the economy are losing momentum. Annual GDP (gross domestic product) growth stood at 3,5%, and wage growth was weaker than before. At the same time, the decline in employment in the enterprise sector does not overshadow the annual increase in the number of people working, as shown by BAEL data.
Sources
